(The emphasis is on: "buy RIGHT")!

Hi folks:  I'm from Los Angeles and also interested in investing in Kansas City; buy and hold, with an emphasis on cash flow.  

Emphasis should be on his compliance with both your lease/rental agreement and city law.If he is unable or unwilling to resolve the matter, then let him know you need to talk with him about a move-out plan.

The reason the lower class properties appear (emphasis on appear) to cash flow better is because of the multiple levels of obsolescence you are dealing with.  

Or you always get the interior paint estimate close but exterior is 20% over what it could have been because more times than not there is some rotted trim that needs replaced and primed that couldn't be seen in advance.I put an overage percentage in my calculations but it is global.

I think you are on the right track and what leads me to say that is the emphasis you placed on Property Management.

They state over my entire portfolio my Global Cash Flow is below their standards. 

- cap rate on reported trailing 12 month NOI- cap rate on annualized trailing 90 day income minus trailing 12 month expenses (adjusted for property tax reassessment)- cap rate on brokers pro-forma stabilized NOI- cap rate on MY pro-forma stabilized NOI- cap rate on after-rehab stabilized NOI using cost basis including rehabUgh...Too much emphasis is placed on cap rate.

There are many of us that don't put a lot of emphasis on that formula.

Also the depreciation laws for tax savings have a couple of major loopholes which can save you a large amount on income tax.The negatives are close to zero capital appreciation, a declining population due to the lowest birthrate globally (currently dropping 250,000-300,000 people a year), floating rate on most all bank loans (although it's a near certainty these won't be going up anytime soon as its been said if interest rates in Japan hit 2.5% the government would currently go bankrupt), and the highest debt to GDP ratio of any country in the world putting a dampening on future economic outlook.For net yields you're looking at 3-6% in and around Tokyo, 6-8% in the other major cities, and closer to 8-10% outside of that, although there are always lots of exceptions.